Bitcoin is the largest crypto in the world and until recently the giant has been sleeping and movement has been stilted. However, today at the time of writing Bitcoin has surged following the 2024 US election and is on a clear path to $100,000 per Bitcoin and sits today at just over $90,000 per Bitcoin.
So what does this mean for entrepreneurs? In this article, we answer just that. Here goes…
Bitcoin Growth
If you have been sitting on the side lines watching cryptocurrency and expecting it to crash to zero you may be cringing right now.
Cryptocurrency has its critics and of course crypto is extremely volatile but year on year Bitcoin has seemingly proved its worth by rising consistently despite volatility and occasional pullbacks in value.
Bitcoin has to be one of the few digital assets that have managed to grow phenomenally since its inception in 2009. Bitcoin has grown a staggering 181,506,670.1 percent since then making it the top cryptocurrency in the marketplace.
The rise of Bitcoin is not just about Bitcoin. Its success will usually filter down to other cryptos in the market or ‘altcoins”. So, entrepreneurs need to be aware that if Bitcoin rises other cryptocurrencies may rise following Bitcoin growth.
Therefore, if you feel you have missed the boat it’s never too late to jump on board the digital asset journey. The rule for entrepreneurs fresh into crypto is, never go all in and do your own research. Never invest in what you can’t afford to lose.
Investors like Michael Saylor Chairman of MicroStrategy have invested billions of dollars into crypto via his company. Saylor believes Bitcoin is the purest form of a digital store of value, much like digital gold.
As of September 20th 2024, holdings included 252,220 bitcoins acquired for $9.9 billion at an average price of $39,266 per bitcoin. The price today is $90,000 per Bitcoin so Saylor is considerably in the upside on his investment strategy.
If you are new to crypto and unsure of what they are, read this article:
Strategies for Entrepreneurs
If the likes of Michael Saylor are to be believed, Bitcoin is the one asset that is inevitably going to increase in value. Due to its scarcity, only 21 million Bitcoins can ever be produced (or mined) with 19 million already produced, Bitcoin is extremely rare. This means over time its value should increase.
In addition, every four years, the process by which Bitcoins are created called ‘mining’ is halved. This means over time the number of Bitcoins being produced and brought to market is decreasing. This algorithmic scarcity is one of the fundamental principles behind Bitcoin’s price action.
What does it mean for entrepreneurs?
Much like Michael Saylor, entrepreneurs should consider holding some form of cryptocurrency in their portfolio, either Bitcoin or reputable altcoins. As with Bitcoin many of the altcoins are built on scarcity and will rise in multiples of any Bitcoin increase.
Much like the past increase in house prices, Bitcoin and other cryptocurrencies offer younger entrepreneurs the opportunity to capitalise on market growth in the future since home ownership is often a dream for many today. Cryptocurrency is one of the few assets that offers accessibility and high growth potential.
Since crypto doesn’t require large deposits, mortgages or loans to invest in, entrepreneurs can simply begin with a few hundred dollars and simply wait. Another option is to use ‘Dollar Cost Averaging’ over a period of time with regular buys via a reputable crypto exchange like Coinbase.
If you want some information on other ‘altcoins’ take a look at this article:
Risks
One of the biggest dangers in the crypto world is greed. Greed is often the driver for the growth we see in the crypto market and unfortunately when that greed reverses to fear we can sometimes see catastrophic falls, sometimes overnight.
Bitcoin is not immune to huge reversals and as such it’s important to understand that although crypto holds the opportunity to make huge gains, those gains are made by selling to those who are buying at a higher price than the price you bought at.
If you are forced to sell due to a market reversal you could be selling your crypto at a significant reduction in price. It’s not unheard of crypto falling dramatically. In 2011 Bitcoin dropped a staggering 94%. Crypto is not for the faint-hearted.
What does it mean for entrepreneurs?
Those entrepreneurs who are looking to make a quick buck should stay away from crypto. Unless you are one of the rare few who are expert at analysis and can time the market perfectly, you are more than likely to lose money if you try to trade crypto.
Worst still, if you are a ‘greedy’ entrepreneur you will buy at the highs and sell at the lows. The exact opposite of what you should be doing.
The key to being successful is to pick a reputable coin like Bitcoin or a good altcoin and accumulate it over time. Start accumulating when the hype is minimal not when all-time highs are being hit.
Continue to accumulate until the market is at a high and then don’t be afraid to sell and take some profits off the table.
The Future of Digital Currency
Our lives over the years have become increasingly digital. The books we read, the music we listen to, the movies we watch and our communications are all based on digital technology.
Yet, for some reason, there is a hesitancy to accept that the evolution to digital currency is almost inevitable. It simply offers a more efficient method of transacting than the current model which should not be denied.
The main question is which digital currency will be the one of choice? The answer to that question could be Bitcoin or even a government-backed cryptocurrency. Either way, it seems crypto is here to stay despite its volatility.
Following Donald Trump’s victory in the 2024 US election, crypto advocates like Elon Musk (Tesla, Space X and X formerly Twitter) who is an avid Dogecoin fan and Charles Hoskinson (crypto founder of Cardano), have announced they could be advising government departments on efficiency and crypto strategies.
Should these developments come to pass and the regulatory issues faced by crypto are resolved, t could mean the crypto network is used for other things apart from storing value, such as voting for example.
The resulting excitement could lead to a huge increase in the value of cryptocurrency networks. The sky would then be the limit with regard to the value of cryptos associated with these developments.
What does it mean for entrepreneurs?
Entrepreneurs should accept the invertibility of cryptocurrency, much like everyone had to accept the reality of the internet.
If regulatory changes make it practicable to build voting, financial and identity infrastructure on top of the cryptocurrency networks, the use of crypto could go exponential for everyday users much like the internet did.
This could be a pivotal moment in time, where innovators and early adopters of crypto could be the Amazons, Facebooks and Twitters of the new digital era but at a much higher potential valuation.
Entrepreneurs should ensure that they are part of the new era and not standing on the side lines by investing wisely in cryptocurrencies or related reputable crypto ventures.
Remember, you should not not go all in, diversify and do your own research. Do not invest to make quick wins. Only invest what you can afford to lose.
Final thoughts
The rise of Bitcoin is a huge opportunity for entrepreneurs. It highlights that cryptocurrency is far from ‘dead’ and the future is bright for Bitcoin and reputable altcoins in particular.
Entrepreneurs should look to embrace cryptocurrency as part of their business models much like prominent business leaders like Michael Saylor.
However, entrepreneurs should be wary of greed and risking too much. Going all in on crypto is a dangerous move, the high volatility could lead to enormous losses sometimes overnight.
So, entrepreneurs should adopt a buy-and-hold strategy or ‘Dollar Cost Average’ and sell at market highs.
All entrepreneurs should understand that cryptocurrency is high-risk and you should only invest what you can afford to lose. Past performance is not necessarily a good indicator of future price.
Good luck!
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